Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 16, 2024

The auditor can evaluate the materiality of a transaction or a balance with the nature of the item. Please explain what is meant by the

The auditor can evaluate the materiality of a transaction or a balance with the "nature of the item." Please explain what is meant by the "nature of the item." using your own examples with 75 words

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Analysis Part 1 Facts Of Auditing

Authors: Dr. L. KAILASAM

1st Edition

1670149455, 978-1670149459

More Books

Students also viewed these Accounting questions

Question

★★★★★

Why cant the Fed control the money supply perfectly?

Answered: 1 week ago

Question

★★★★★

Magic Cleaning Services (MCS) has a fiscal year- end of December 31. As of year- end, MCS has the following unadjusted trial balance: In addition, it has not adjusted for the following transactions: ...

Answered: 1 week ago

Question

★★★★★

The number of pumps in use at both a six-pump station and a four-pump station will be determined. Give the possible values for each of the following random variables: a. number of pumps in use b....

Answered: 1 week ago

Question

★★★★★

Comparative SFP accounts of Jensen Limited, which follows IFRS, appear below: Additional information: 1. Equipment that cost $10,000 and was 40% depreciated was sold in 2020. 2. Cash dividends were...

Answered: 1 week ago

Question

★★★★★

The auditor can evaluate the materiality of a transaction or a balance with the "nature of the item." Please explain what is meant by the "nature of the item." using your own examples with 75 words

Answered: 1 week ago

Question

★★★★★

5 Part 2 of 3 As of December 31 of the current year, Armani Company's records show the following. Cash Accounts receivable Supplies Equipment $ 10,600 9,600 6,600 5,600 Accounts payable 12,200 Common...

Answered: 1 week ago

Question

★★★★★

While the media focused on the downward spiral of the physical retail sector, it seems Amazon was busy ramping up its roll-out of physical stores, a development that many observers have perceived as...

Answered: 1 week ago

Question

★★★★★

A convenience store uses a markup of 6 0 % on selling price of $ 9 . If this yield a gross profit of $ 5 . 4 0 , what was the cost?

Answered: 1 week ago

Question

★★★★★

Grab-a-Bite, a food delivery business, targets an average delivery time of 30 minutes for each order and delivers 200 orders/hr on average. Each delivery partner is assigned to the order as soon as...

Answered: 1 week ago

Question

★★★★★

The company Cookies S.A. has the following cost items: 1. Water for the cookie recipe 2. Water to wash the molds 3. Alcohol to disinfect the molds before use 4. Self-adhesive for cookie boxes 5....

Answered: 1 week ago

Question

★★★★★

Selected topic: Supply chain Management Pick any topic of your choosing related to operations management and use 5-7 sources and write paper. Bonus points if you cover a topic that covers financial...

Answered: 1 week ago

Question

★★★★★

1. Describe the factors that lead to productive conflict

Answered: 1 week ago

Question

★★★★★

5. Practice listening styles that are less familiar to you. Some people dont paraphrase well; others are uncomfortable being person-centered. The best way to try this out is to look back at the...

Answered: 1 week ago

Question

★★★★★

4. As you become a more critical listener, inquire about inconsistencies when you observe them in conversation. For example, if your friend offers you verbal and nonverbal messages that contradict...

Answered: 1 week ago

Previous Question Next Question